GIFT Nifty up 5 points; here's the trading setup for today's session
"Although Nifty opens positive, it is witnessing resistance at higher levels, indicating cautiousness among the investors with the progress of both the result season and the Lok Sabha election. We expect this volatile move to continue till the Exit poll. Hence market to remain in a broader range until clarity emerges," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Domestic markets opened higher but soon gave up its initial gains to close with losses on Tuesday. Analysts said equities are witnessing bouts of volatility despite the rally in global markets."Although opens positive, it is witnessing resistance at higher levels, indicating cautiousness among the investors with the progress of both the result season and the Lok Sabha election. We expect this volatile move to continue till the . Hence market to remain in a broader range until clarity emerges," said Siddhartha Khemka, Head - Retail Research, .
Here's breaking down the actions:
STATE OF THE MARKETS
(Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 6.5 points, or 0.03 per cent, at 22,400, signaling that Dalal Street was headed for muted start on Wednesday.
- Tech View: The higher bottom reversal needs to be confirmed with an upside bounce from the lows. Immediate resistance is at 22400 levels and the next lower levels to be watched are around 22100-22000, Nagaraj Shetti of said.
- : India VIX, which is a measure of the fear in the markets, rose 2.4% to settle at 17.01 levels.
up
The S&P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve will cut interest rates this year.
- Dow up 0.08%,
- S&P up 0.13%,
- Nasdaq down 0.1%
mixed
Stocks in Asia struggled for direction following a sluggish US session, with investors split on whether the market can sustain this month’s rally given economic crosscurrents.
- S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
- Hang Seng futures were little changed
- Japan’s Topix fell 0.7%
- Australia’s S&P/ASX 200 rose 0.2%
- Euro Stoxx 50 futures were little changed
- Nasdaq 100 futures were little changed
Oil falls
Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand.
Dollar gains
The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high.
Stocks in F&O ban today
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4) Balrampur Chini Mills
5) GMR Infra
6) SAIL
7) PNB
8) ZEE
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit
Foreign portfolio investors were net sellers at Rs 3,668 crore on Tuesday. Meanwhile, DIIs bought shares worth Rs 2,304 crore.
The rupee consolidated in a narrow range and settled higher by 1 paisa at 83.51 against the US dollar on Tuesday amid softening crude oil prices in the international market.
FII data
The net short of FIIs increased from Rs 35,038 crore on Monday to Rs 64,718 crore on Tuesday.
L&T, Tata Power, Canara Bank, Hero Moto, BSE among others will announce their fourth quarter earnings on Wednesday.
Source: Stocks-Markets-Economic Times
